Loans, Debt & Credit - View Single Post

ldelrosa · 01-03-2009, 01:32 AM

Our neighbor's house was foreclosed early in 2008. With no buyers at the auction (and after many months), the bank sold the house to them for half the old purchase price. I could not believe it but they're back!
Sadly, we are in the same situation and will be foreclosed in Feb 09. Can I contact my lender and ask them now to sell me the house if there are no takers at a reduced price? Are there any laws against this? Or should I wait after many months before I contact them (in case no one buys it)? 1 out of 5 homes in our neighborhood are in foreclosure...

01-03-2009, 01:32 AM	#1 (permalink)
ldelrosa Senior Member Join Date: Oct 2008 Posts: 49 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Buying own foreclosed home? Our neighbor's house was foreclosed early in 2008. With no buyers at the auction (and after many months), the bank sold the house to them for half the old purchase price. I could not believe it but they're back! Sadly, we are in the same situation and will be foreclosed in Feb 09. Can I contact my lender and ask them now to sell me the house if there are no takers at a reduced price? Are there any laws against this? Or should I wait after many months before I contact them (in case no one buys it)? 1 out of 5 homes in our neighborhood are in foreclosure...